HORSE SPORT IRELAND
66
Financial Ov
ervie
w
Annual Report
2013
HORSE SPORT IRELAND
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2013
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements are prepared in accordance with generally accepted accounting principles under the
historical cost convention and comply with financial reporting standards of the Accounting Standards Board, as
promulgated by the Institute of Chartered Accountants in Ireland, and Irish statute comprising the Companies
Acts, 1963 to 2013.
Turnover income
Income includes grant amounts received from the Irish Sports Council and the Department of Agriculture grant
funds and income received from registrations and related activities.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful
economic life of that asset as follows:
Leasehold Property
-
(25% Straight Line)
Fixtures & Fittings
-
(25% & 50% Straight Line)
Equipment
-
(25% Straight Line)
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with
the lessor are charged against income on a straight line basis over the period of the lease.
Foreign currencies
Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the balance
sheet date. Transactions in foreign currencies are translated into Euro at the rate of exchange ruling at the date of
the transaction. Exchange differences are taken into account in arriving at the operating surplus.
2. INCOME
The income and profit before tax are attributable to the one principal activity of the company.
An analysis of income is given below:
2013
2012
Republic of Ireland
5,237,319
5,118,028